Trust Stamp Establishes Metapresence(TM) Subsidiary to Offer its Secure Crypto Key Vault Solution

ATLANTA, GA / ACCESSWIRE / November 15, 2021 / Trust Stamp (OTCQX:IDAI, Euronext Growth: AIID ID), a global provider of AI-powered trust and identity services used across multiple sectors, today announced that is has initiated the process to establish Metapresence Limited as a wholly owned crypto-asset subsidiary in the Isle of Man, and has been admitted as a Member to The Digital Isle of Man Accelerator Program.

The Digital Isle of Man Accelerator Program provides access to a range of government services including regulatory acceleration support and guided access into the regulatory sandbox, where flexible licensing conditions enable digital asset businesses to explore opportunities and adapt as the technology evolves.

Metapresence^TM will operate a Crypto Key Vault which leverages Trust Stamp's proven facial biometric authentication technology to establish and grant access to the vault. Biometric and other data is converted into Trust Stamp's proprietary Irreversibly Transformed Identity Token (IT2^TM) and immediately discarded. The use of the IT2, combined with bank-level data encryption on-device, in transit, and at rest, removes the risk for sensitive biometric data, account credentials, or encryption keys to be exposed or compromised.

While misplacing access credentials for a cryptocurrency account is inconvenient, losing the private key for a cryptocurrency wallet or a non-fungible token (NFT) leads to permanent loss of the wallet's assets or the ability to prove ownership of the NFT. Estimates indicate that around 20% of all Bitcoin is orphaned as a result of losing access credentials for cryptocurrency wallets, with a potential permanent loss of around $140 billion in assets.

To further strengthen security and assure long-term data protection and availability, data that is irreversibly tokenized by Trust Stamp's advanced cryptographic processes is stored on an Amazon Quantum Ledger Database (QLDB), providing a transparent, immutable, and cryptographically verified append-only transaction log.

John Bridge, Trust Stamp's Executive Vice President responsible for cryptocurrency-related services comments: "We will be seeking registration and /or licensing in multiple jurisdictions, including the United States and the European Union. We have selected the Isle of Man for our first application as the Isle of Man Financial Services Authority, in partnership with Digital Isle of Man, has published clear and substance-focused guidance setting out its position regarding the applicability of financial regulatory requirements to crypto-assets and tokens issued using blockchain and other Distributed Ledger Technology (DLT)."